Economist

World Bank Group•Washington, DC

7d•Onsite

About The Position

Do you want to build a career that is truly worthwhile? Working at the World Bank Group provides a unique opportunity for you to help our clients solve their greatest development challenges. The World Bank Group is one of the largest sources of funding and knowledge for developing countries; a unique global partnership of five institutions dedicated to ending extreme poverty, increasing shared prosperity and promoting sustainable development. With 189-member countries and more than 120 offices worldwide, we work with public and private sector partners, investing in groundbreaking projects and using data, research, and technology to develop solutions to the most urgent global challenges. For more information, visit www.worldbank.org. Economic Policy: The Fiscal Policy and Growth (FPG) Practice leads the World Bank Group’s dialogue and engagement with clients in macroeconomics, fiscal policy, debt, growth and trade. The Practice houses the Bank’s country economists as well as professional staff with expertise in macroeconomics, fiscal policy, growth, debt and trade. In this context, FPG professionals are responsible for the preparation and delivery of the majority of the Bank’s Development Policy Operations using both IDA and IBRD resources. FPG professionals also lead or participate in a wide variety of client advisory work requiring an integrative function that adds to the core FPG expertise, often leading or participating in the preparation of key analytical reports. In addition, FPG professionals most work across sectors helping carry out key integrative functions. For more information, visit: https://www.worldbank.org/en/topic/economicpolicy. VPU Context: The World Bank Group serves 33 client countries in Latin America and the Caribbean Region (LCR). Clients range from large rapidly growing sophisticated middle-income clients to IDA countries to small Caribbean states to one fragile state, and to varying degrees face three key challenges – low productivity and growth, low quality jobs and low resilience to shocks. The region is tackling these challenges with a strong WBG approach, underpinned by selectivity and complementarity between the value added of public and private arms, and in strong partnership with relevant regional development partners. A. The challenge of low growth. After recovering lost output, the region is returning to pre-pandemic low growth and productivity scenario. After a solid post-pandemic rebound in economic activity (7.2% and 3.9% growth in 2021 and 2022 respectively), GDP growth returned to the pre-pandemic low growth around 2.2% in 2023 and 2024, with a medium-term outlook of 2.5%. With an average Gini co-efficient of [0.52] LAC remains also one of the most unequal regions in the world. It is a region where the bottom 50% earn 27 times less than the top 10%. It also represents stark differences in opportunity, a child born today in the poorest 20% quintile in LAC will on average be 17 percentage points less productive than a child born in the richest 20%. B. The challenge of quality jobs: the need for better quality jobs is paramount, with 6.2% unemployment rates, these low levels mask a deeper issue of job quality. Reflecting stagnating living standards, labor earnings have only grown by 1% or less per year in most countries over the past decade, and some 19% of workers in the region are earning incomes below the poverty line. •Investing in foundational infrastructure critical to job creation, LAC needs to invest at least 3.1% of GDP in infrastructure investments per year, yet it only invests 2%, which is significantly lower than the world average of 5.4% of GDP. This underinvestment in physical infrastructure, including in key infrastructure sectors (including resilient transport, water, energy etc.) is holding back potential for better jobs. The region is supporting clients by supporting selective transformative infrastructure projects (e.g. urban mobility, regional transport and connectivity). On human infrastructure challenge, firms in the region continue to cite skills shortages (55% of firms in LAC vs 45% in MIC regions) as a key barrier to growth and job creation. A child born in LAC is expected to reach only 56 percent of their productive potential. Three out of four 15-year olds fail basic math proficiency and cannot read adequately the soft side involves supporting clients revamp their education and health sectors. The region is supporting clients to revamp their education and health care sectors. •The LAC region also needs to foster a predictable, business-enabling policy and regulatory environment. These include ensuring macro stability, eliminating restrictive business regulations in product and factor markets, and improving access to finance, especially long-term capital. Labor market regulations in LAC are noted to be on par with the most restrictive labor market regimes among OECD countries. Further, enforcement of competition policy needs to be supported due to high levels of market concentration in LAC markets: the 50 largest firms in Mexico, Brazil, Colombia, Argentina, Chile have revenues greater than 30% of GDP. At 55% of GDP, domestic credit to the private sector remains much lower than EAP (178%). •Private capital needs to be appropriately incentivized to support the provision of public goods and investments in key sectors, especially those that have the highest potential to enable and/or create better quality jobs. However, at only 19.8% of GDP, gross capital formation remains lowest among all regions (EAP is at 38% and South Asia at 30%). Private capital mobilization in the region is being held back by shallow capital markets, lack of long-term finance, high cost of capital, regulatory and institutional barriers (including in PPP frameworks). Based on country contexts, the WBG will support investments in productive clusters (energy/mining, value added manufacturing, agribusiness, tourism, etc) across the public-private spectrum. C. The challenge of vulnerability to shocks. Building resilience of the countries to shocks, including natural disasters, through contingent financing and other innovative risk management platforms at country and regional levels is critical given the high exposure to climate–related disasters and natural hazards. The Central America and the Caribbean have recurrent hurricanes that have impacts on GDP significantly higher than the regional average of 1.7%. Several countries are experiencing deep, long droughts, increasingly intense storms, and floods that disrupt economic activities and affect livelihoods, with impacts on the most vulnerable populations. Roles and responsibilities: The FPG Practice in LCR is seeking to recruit two outstanding and dynamic economists with proven and strong macroeconomic, integrative and teamwork skills. The selected candidates will participate in and lead core integrative FPG tasks. The economists will also work to develop new engagements for the unit and collaborate extensively with other sectoral teams. They will be an integral part of the Economic Policy GP and will report to the FPG Practice Manager covering Latin America and the Caribbean.

Requirements

Master’s or PhD degree in economics plus at least 5 years of relevant professional experience or equivalent combination of education and experience.
Strong technical skills in macroeconomic monitoring, fiscal sustainability and growth analytics, and a proven track record in delivering high quality analytical work, with particular focus on fiscal and growth policies. Experience with LCR economies is a plus.
Advanced technical skills in economic modelling and data analysis to inform economic monitoring and policy analysis.
Operational and policy dialogue skills, as evidenced by a proven work history.
Attention to detail and ability to prioritize and deliver assignments on schedule.
Proven sense of initiative, results orientation, energy and teamwork qualities, including the ability to work effectively across sectors.
Integrative skills in order to support the CMU in articulating its strategic thinking on macroeconomic issues, economic growth and poverty reduction and to articulate a coherent policy dialogue with the authorities.
Ability to work flexibly on a range of assignments and adjust to a variety of complex evolving tasks to meet deadlines.
Strong oral and written communication skills in English and fluency Spanish, including the ability to speak persuasively and to present ideas clearly and concisely with authorities.

Responsibilities

Lead country-specific macroeconomic monitoring and due diligence, activities and provide inputs as needed to corporate briefs and country engagement products.
Lead and/ or contribute to policy dialogue with the authorities, including, but not limited to, development policy financing, in close collaboration with the Lead Economist.
Lead and/ or contribute to analytical and advisory products to underpin the policy dialogue on macroeconomic and structural reforms.
Take part in lending or analytical and advisory activities for other countries in this unit, as needed.
Engage in policy dialogue with internal and external stakeholders, in close collaboration with the CMU(s) and Lead Economist.
Work closely with other GPs on the preparation of key strategic and integrative pieces and/or engagements.

Benefits

The World Bank Group offers comprehensive benefits, including a retirement plan; medical, life and disability insurance; and paid leave, including parental leave, as well as reasonable accommodations for individuals with disabilities.

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